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, a debt overhang discourages new capital from coming in. if you don't know, think of detroit. would you lend to detroit today? you wouldn't. you would want to find out what happens to others who lend to detroit. there is the longer-term agenda. that has to do with potential growth. that speaks to education. it speaks to some micro things that we should be doing. one of the problems of the fed being the center of attention is it diverts discussion away from other things. there is this whole set of other things that are more important for us and for the next generation, that this whole narrative have shifted away from. >> as chief of the white house global council of economics, what types of new projects are you working on? >> you have promoted me. [laughter] i am grateful to be chair of the council on global development. the notion is very simple. part of securing u.s. national security and economic future and living in a global neighborhood that is more prosperous. it has had numerous advantages. the idea is to contribute and bring in outside perception. we are a council made of people
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